Bill O'Reilly to receive one year pay

The move came after more than 50 advertisers dropped "The O'Reilly Factor" after news reports revealed the network and its star commentator had paid $13 million to five women to settle claims of abusive behavior.

On the other hand, 21st Century Fox released a statement as well, The company reiterated that it reviewed the allegations being thrown against O'Reilly.

Cable news host Bill O'Reilly will reportedlyreceive tens of millions of dollars in a payout as he departs Fox News.

"Bill and I did not see eye-to-eye on... anything", Colbert said after telling the crowd that O'Reilly had been let go from Fox News.

O'Reilly, 67, had not been on the air since April 11 because he was on a vacation, which he says was pre-planned.

His annual salary is worth about $25 million, according to NBC News, which cited a person with direct knowledge of O'Reilly's contract.

Sarah Palin won't say whether she experienced or witnessed sexual harassment at Fox News, but she does have a message for the victims: If you don't speak out when it happens, don't complain about it later.

UPDATE 2:45 P.M.: This post was updated to reflect the New York Times reporting on O'Reilly's buyout.

After being relieved of his duties as a right-wing rabble-rouser, O'Reilly issued a statement noting, "It is tremendously disheartening that we part ways due to completely unfounded claims".

His 8pm programme, which mixes discussion segments with his pugnacious commentary, drew an average of four million viewers each night during the first three months of the year, the most ever for a cable news programme.